Prepare purchase journal and cash disbursement journal Pinky Distribution had the following transactions involving purchases, purchase return andallowances and cash payment during the month of May of the current year.Transactions:May 1 - Paid ABC Company P30,000 on account. Check #100.2 - Purchase merchandise on account from Vincenzo Company for P4,500 term 2/10, n/30.4 - Purchased store supplies on account to Ramos Trading P18,000. Terms n/60.7 - The owner Mr. Cruz withdrew P5,000 cash from the business. Check #102.10 - Purchase merchandise for cash from XYZ Wholesaler P7,000. Check #103.15 - Paid Vincenzo Company amount due for purchase of May 2. Check #104.17- Returned P300 of the store supplies purchased from Ramos Trading on June 4.20 - Purchased merchandise on account from Trex Inc. For P8,000 terms 1/10, n/30.22 - Return P1,000 merchandise to Trex Inc. for credit.25 - Paid Trex Inc. for May 20 purchase. Check #105.27 - Purchased merchandise on account from Bubbles Company for P25,000 terms 3/10, n/45.28 - Purchase merchandise for cash from XYZ Inc. P20,000.30 - Paid Bubbles Company amount due of May 27. Check #106.

Prepare of Journal entries for the transaction as mentioned

Answered: Pinky Distribution had the following…

Pinky Distribution had the following transactions involving purchases, purchase return and allowances and cash payment during the month of May of the current year.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 5PA: Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of...

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Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.
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Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals and prove the equality of the debit and credit totals.
Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal